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20121201
20121231
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over at citi, but i would be happy if i were a shareholder. the stock went up on the news. never easy to change your mind. something we're asking of our politicians, they can't do that. but citigroup's management was willing to take the hard medicine for the shareholders. we hear endless negativity about china and europe, but the chinese market last night, it was a gigantic move signifying what might be the beginning of a new growth phase. have you checked european stocks lately? smoke show. hey, even i can get too gloomy. i've been critical of bank of america for its unfathomable top dollar acquisitions, including the ill-timed merrill lynch purchase and the ridiculous countrywide buy. i've chided these guys as being one gigantic law firm with a bank attached. that's how much their earnings have been dependent upon legal obligations. and that's what cuts them. bank of america led the dow today, broke out above $10. a level hasn't been seen in ages as the unsold homes dwindles, i think it probably goes higher. here's the bottom line, listen to me, go ahead, be gloomy, you have every r
for certain businesses like snowplowing businesses. then we have rain, plain old rain around new york city. at times you have seen snow mixing in. not expecting much by accumulation. by friday lingering snow showers across northern parts of new england. if you are doing travel through syracuse watch out for reduced visibility. attention turns to the next storm that we will be tracking across the country. informative stage ace cross the west. we are going to pull in some moisture from the gulf of mexico. developing low looks like this on friday bringing rain showers to little rock and even some thunderstorm down around mobile, alabama, where just yesterday, of course, we have that tornado touch down. then the low will move to the coast and we are likely to see snow from new york back towards pittsburgh and even cincinnati and plain old rain showers from norfolk all the way down through atlanta and florida. keep that in mind if you are doing any travel and along i-95, winds will be picking up with this one as well. and as we head towards sunday, a blustery day for places like boston, your hi
or does the company still have room to run? >>> and city, the big slash. knife coming down on 1,000 jobs. the cfo is set to speak about the shake-up right now and we will have the very latest on this very widely held stock which has been moving higher tod today. >>> we have a rally on our hands despite some downward pressure in apple. two of the biggest names in the most widely held stocks around, citi and apple topping the news this hour. headlines aren't good. apple right now is down about 4%. back in bear market territory, down 22% from their historic intraday high of $705 set back in september. right now shares are trading at $551.33. bob pisani joins me on the floor of the nyse. it started with this idc report citing the fact that they would lose their dominance in the tablet market in probably the next couple of years, and then the margin requirement story. >> it is a little complicated. i just want to address this issue first of the rally that we've got because i think that is sort of what's moving the overall market. there is some vague talk in washington that there may be some r
. >> financial analyst meredith whitney is having a huge change of heart on citi. remember this interview on citi. >> citi hasn't been investable in four years. >> what would you take for you to invest in citi? >> a new brain. >> she's got a new brain. >> why is she now bullish on the bank and a couple of others? she'll join us with exclusively her call yesterday on the financials. >> wizard of oz i guess will join us as well. house speaker boehner calling the president's bluff and agreeing to a tax hike on millionaires and billion airs. >> and when does senator rand paul think we'll get a deal? he'll join us coming up on the "closing bell." stay with us. more in a moment. >>> welcome back. we're now with banking analyst meredith whitney having a change of heart on some of the banks. yesterday she announced she's turning bullish on financials and upgraded bank of america, discover financial and citi to a buy. take a look at those stocks today, and they are moving on that call. meredith joins me now to talk about the industry and the entire group. thanks for joining us. >> so good to see you. >> w
. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. citi price rewind. let'for an idea.s - a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like liberty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a man on the moon and a phone in your pocket. our country's gone through a lot over the centuries and a half. but this idea isn't fragile. when times get tough, it rallies us as one. every day, more people believe in the american idea and when they do, the dream comes true. we're grateful t
toward really slimming down citi by the new ceo. he has a quote in here saying these actions are logical next steps in citi's transformation and says they're committed to strategy that continues to leverage in the global banking market. if you go through the list of where these jobs are actually coming from, institutional clients group which is investment banking a quarter of the job cuts are going to come from there. my 2013 predictions i said that group would slim down by half. interesting that they are cutting a big chunk of that group. global consumer banking is responsible for 35% of the cuts and then going on through the other business lines like citi holdings, those are responsible for smaller portion of those jobs. citi getting smaller. a billion dollars going to be the pretax charge in the fourth quarter of next year. 11,000 jobs a big move from the new ceo over there. carl? >> all right. thank you very much, kayla. we're reading through the release right now ourselves. big strategic move. >> how many people work at this bank? i feel like they've been firing forever. citi did no
store in new york city. let's check in with the chairman and ceo of sacks. the stores have good values. welcome back to "mad money." you said people shop the sacks depending on how they feel about their net worth. that is what is looming out there. in terms of an over hang in the market. >> the whole 1% that changed the tax code. nearly as important as what they feel like in terms of their psyche. >> absolutely. i think that one of the rates goes up and how does it react to getting some form of an agreement. i think that our customer can adapt to an agreement. >> let's talk about hurricane sandy. you were very, you know, wow, it was tough to talk about hurricane sandy. terrible loss of life. right after this, deutsche bank met with you and said despite sandy, things are pretty good. well look, i think there is the over hang in the environment. sandy was a punch to the stomach. people weren't shopping online because there was no electricity. at the time of the conference call we saw an uptick in the business. we said that the impact of the storm was going to take us to a performance. an
count who's doing what. i've seen -- >> being very parochial. we live in new york city all three of us, we are on the subways in new york, not on the subways in asia where knowing yas and samsungs are much bigger players. >> fair enough. but? for the u.s. carriers. i have seen one nokia lumia on the subway the last three months. >> but here's what a nokia spokesperson had to say ultimate slick, a car years decision on operation, up to at&t and verizon and so on and the spokesperson points out that samsung is doing the same thing. not just us. samsung is doing it, too. good response there. what stock should you be watching when the opening bell rings? get word on the street from a trader and on what to expect. that is next. >>> later, commodities i hating snag the next few months what is ahead for the new year? we are making predictions. take another look at futures as we head into this thursday open. looks like we are a little bit higher, jobless claims did come in better than expected here. the dow looking at 18 at the open. more "squawk on the street," straight ahead. [ male announce
to massachusetts. also got the houston mayor to tell us how her city is preparing for a strike. futures still a little jittery here this morning. dow down 86. "squawk on the street" back in a minute. at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >>> instagram users may have made good on their threat to dump the photo sharing app after the controversy over new privacy rules, according to app data in the "new york post." app data says that instagram may have shed almost 25% of its daily active users as a res
of the fiscal cliff fiasco. tonight, a read of the regionals from the ceo of citi national bank. find out if you should be making a deposit. all coming up on "mad money." >>> don't miss a second of "mad money." follow@jimcramer on twitter. have a question, tweet cramer, #madtweets. give us a call at 1-800-743-thchlt. >> announcer:. miss something? head to "mad money".cnbc.com. >>> with the fiscal cliff looming less than a month away you might think certainly sectors would be getting hammered right now. not the obvious ones like defense. given the defense budget will be cut dramatically if our leaders don't reach a compromise, take retail. if we go over the cliff, something i've been telling you as of this week, more likely by the day, not less, that will deal a huge blow it purchasing power of most americans. think about it. tax rates go up. >> boo. >> the payroll tax holiday goes away. [ buzzer ] unemployment benefits expire for most people -- [ baby crying ] and that's is not even accounting for the layoffs. that's just being cautious. put it together, unless we get a deal, which won't be bad
jane wells knows for sure. jane? >> tyler, i'm out here at city walk. prepare yourself. i have something good to say about retail, including one store, the only store i have never shopped at. i didn't know one existed. we will have that after the break. >> announcer: if congress fails to intervene, over $1 billion will be cut from the afghanistan security forces fund which helps afghanistan to develop its own security forces. omnipotent of . you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. yes, you could. and you wouldn't have it any other way.e. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily
this morning, the kansas city fed survey. the lead story in the journal today is a 6.9% rise in house prices so far this year. since january. and some people are saying after some false starts, residential has concerned. >> well, you're right. >> you can have some recovery, some have firmness in housing prices, but it's going to drive the recovery on the back of housing. that's not going to happen. >> and people are choosing who to hook up with. i couldn't tell whether that spoke to you or whether you thought it was odd. you thought it was a pretty good idea, i think. you don't want to go out with someone who has a 200, do you? >> do you think eharmony should add a little line, what is your credit score? >> what is your credit score. >> and people are dating now on -- >> can you trust someone who you give your attentions to and eventually give your heart to that doesn't pay your bills? would you? it makes sense to me, doesn't it? >> i don't know about that. >> you could stay with the person, too. >> change them? >> wasn't that the problem when you're -- you don't want a lasting relationship wit
uniquely qualified to talk about this sector being a developer in so many cities. >> look, i think you look at housing and it's a bright spot in the economy and what's going to help propel our economy back. miami, for example. one of the first to go down steeply, along with las vegas. and we operate in both of those cities. prices are up in las vegas now, 7% and miami 8%. so you're seeing tremendous up side in housing. >> these are some of the areas that really plummeted. >> yes. >> yeah. so now they're coming back. >> san francisco is coming back, as well. miami roared back. miami's inventory is lower than it -- was in its peak. its price increases are happening more rapidly than during the last peak in the marketplace back in '06 when the market really peaked. >> fascinating. so how important is this for the overall economy that you're seeing these hot spots of real development and bursts of energy in certain cities? >> very important. because one, of course, as inventory shrinks and prices increase, there's a greater demand for new construction. also, most americans' net worth is tied in
in some of the inner city schools in that area. let me read you what she said. somebody comes into the school, they have to get buzzed in. this guy got buzzed in. we don't know yet why, how, when and where. but he got buzzed in. the buzzer goes off and sets an alert. follow me on this. somebody buzzes in. maybe they go through a window. teachers start a drill. the kids are put into a corner. listen to this. shades are pulled down, lights are then flicked off to leave the impression to a potential killer that nobody's in the classroom. now, i know people go to newtown to avoid all this. but unfortunately, is this the kind of drill we're going to have to put -- i have a home right next door in redding, connecticut. it's an awful nice area, god bless it. people go there to get away from the inner city. but look what happened. is this the kind of place -- is this the direction that our schools are going? >> what i think you're getting at is almost a comparison to what we've recently done with regard to anti-terrorism where people have had to change the way in which they've conduct
pick. "sex & the city." >> yeah. and you've got me. is that okay? >> kate might be having twins. yeah, go ahead. >> we're getting down to the flat line at the moment. we had a bit of a bounce this morning. european stocks yesterday very flat indeed. about as flat as the pancakes i make. take a look at the european board. we're down just up eight points. the ibex actually down five. very disappointing retail sales out of the eurozone for the month of october. follows a shop revision downwards as well for september. so austerity really biting in. despite some better data out -- well, i say better. the services pmi final print for the eurozone came in up better than expected, but it's still deeply in contraction territory. so we're firmly in recession here in the eurozone and in the uk as well. we saw services pmi come in weaker than expected. contraction territory for new orders -- this is the british chancellor today. george osbourne will be delivering his autumn statement where he's probably going to say growth isn't strong enough so we're going to not really meet our budget targets a
, wxyt talk radio. okay, doc, as i understand it you tell me if i'm wrong. about 11,000 detroit city workers and mayor bing is cutting 4 to 500. i'm not impressed with that. i think he should be cutting 20% of the workforce, not 5%. >> no, you're absolutely right, larry. the problem is they're still playing catch up. year after year they're like we got to run to catch up with it instead of coming out and getting in front of it. the city has shrunk in population. it makes sense. we have to shrink all those government workers. it's not that we don't want certain services, it's just what you have to do. we do it in our personal life or are supposed to. >> those unions don't want it. we saw the clip when this story first came up that gal on the city council said detroit delivered for barack obama in the election, he should now bring home the bacon for detroit. the unions don't want it. the media don't want it. i'm not sure if dave bing who was a great basketball player, maybe not such a hot mayor. this thing has to go under a financial control board, doc. you know that. they're incapable
. it is disastrous when applied to economies that were already in trouble. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. you can stay in and share something... or you can get out there and actually share something. ♪ the lexus december to remember sales event is on. this is the pursuit of perfection. >>> good morning again, everyone. the fiscal cliff headline looms, but a solution seems to be far off. >> mario monti is saying that he's willing to lead italy, but only if a party backs his economic agenda for the country. >>> sylvia berlusconi tells cnbc he needs to return to the premiership to keep the lead from being turned over to the hands of the left. >> let's talk more about thi
tracks? more on that. >> and hear what this small business owner in new york city, where we are right now, thinks about the cliff crisis. >> i'm annoyed. i'm annoyed with the fiscal cliff. we're looking at not knowing what's going to happen. we fall off this cliff, an everyone gets affected. there's no trickle-down effect. it's more like a slush. we'll lose income. the question is how much income are we going to lose? if we fall off the cliff, the fear is that we fall off the cliff, not slowly glide down the cliffch the government at this point needs to understand that we should be able to trust you to do the right thing, put politics aside and think about us, the people that's why we have government. fix it. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no
to serve. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> i'm jim cramer, welcome to my world. >> you need to get in the game. >> going out of business and they're nuts, they know nothing. >> i always like to say there is a bull market somewhere. >> "mad money," you can't afford to miss it. >> i'm cramer. welcome to "mad money." people want to make friends, i'm trying to save you money. call me tonight. tonight i'm letting you in on something big. the method to my madness. i know this show is the craziest, most random, bizarre thing on television, and i also know that you won't find investing advice this good anywhere else. if you're suning in just to see if tonight is th
yet. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. citi price rewind. well, if itmr. margin?margin. don't be modest, bob. you found a better way to pack a bowling ball. that was ups. and who called ups? you did, bob. i just asked a question. it takes a long time to pack a bowling ball. the last guy pitched more ball packers. but you... you consulted ups. you found a better way. that's logistics. that's margin. find out what else ups knows. i'll do that. you're on a roll. that's funny. i wasn't being funny, bob. i know. your doctor will say get smart about your weight. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smar
've got miles on both airlines, you'll be able to use them once this deal goes through. new york city to heathrow flight, will there be changes, perhaps after the deal is approved. richard anderson told us ultimately about increasing the number of flights into heathrow. >> it's really about the access to the uk/u.s. marketplace. it's by far by 200% the largest market between europe and the u.s. and delta has had an 8% market share, fifth place. with this transaction we get to second place with a quarter of the market. >> that's a huge increase for delta. what about for virgin atlantic and richard branson, the ceo. well, the brand remains. remember, there's been some speculation that delta would take over virgin atlantic. not going to happen. ceo richard branson will be staying in charge. he was part of the announcement today here in new york city by satellite coming from down in the dominican. as we look at shares of delta, take a look at this. stock up, a nice gain today, almost 7%. tyler, in the end, what we're going to see is more of these types of deals in the industry, as you see
housing data out tod home prices rose 4.3% in the 12 months ending in october in a 20-city composite, beating analysts' forecasts. it did appear as 12 of the 20 cities in both composites posted monthly declines in october. david blitzer will join us in just a few minutes to go over this data. bottom line here, better than expected. maybe this is enough to keep this sector going. a very strong sector in consumer discretionary overall. home builders have really been a double in 2012. >> it wasn't until the second half of this word that you started hearing the words housing and gdp growth in the same sentence. perhaps the most significant part of the economy for so much of the early parts of the 2000s. we'll see. they do call it a sustained recovery. that is, s&p-case schiller, and the recovery continues to gather strength. >> the best performing sector, though, financials. >> financials, yeah. >> 26% on financials. utilities the only one lower for the year. nine out of ten s&p sectors higher. that doesn't happen a whole lot. >> no. >> when we come back, christmas day may be over, but w
:20. and the outlook for u.s. credit market appears less rose city. we'll speak to a moody's analyst that says high duration credit could be badly exposed. the european central bank is announcing either monetary policy decisions later today. economists expect ecb to stay pat on rates. its revised down its forecasts in 2013. hot on the heels from her stint in brusselss, silvia has moved back to frankfurt and the ecb headquarters. how more pessimistic might they be today in their forecasts. >> that's the big question. if they get too clee to the zero for the forecast next year, anything below let's say 0.4, 0.3 would be considered a little bit more bearish and that would of course increase the chances or risks whatever you want to look at it for further rate cut somewhere down the pike early next year, maybe january or february. the consensus for today is as you said no change on rates. remember a month ago, there were many calling for rate cut this month, but that seems to have receded right now. maybe also because the data we see out of the eurozone is rather mixed. everybody quite agrees that foir
@cnbc.com. coming up, the outlook for health care in 2013. here's a hint -- think taxes. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ >>> time to prep your portfolio. bertha coombs with what's in stoke for the health care sector in 2013. >> reporter: the rollout of bicycle care will weigh heavily on health care services, medical devices, and health insurers. hospital stocks the best performers in the health care sector in 2012, likely to be volatile and vulnerable in 2013. new medicare rules peg reimbursement rates more to outcomes rather than just the number of procedures. for insurers, 2013 will bring more m&a to diversified business as u.s. profit margins are kweezed by regulation and competition -- squeezed by regulation and competition. the acquisition of brazil
. >> mark, quickly. >> we are underweight financials. we've moved to more of a neutral weight. citi is one of the names we're overweight. it's a shame for the folks who have lost their job, but it's a nice move today. >> 7.5%. bank of america, 6%. thanks, guys. >> thank you very much. see you later. as a matter of fact, the financials are leading us higher. we're near the highs of the session right now with about 50 minutes left. the dow up 124 points. >> pretty good move. if you can own only one stock in 2013, which one would make you the most money? top fund managers were asked that question. we have their answers. we have names coming up. stay with us. >> get pencil to paper. >>> also ahead, the art of negotiation. we're going to hear from somebody who says a deal on the fiscal cliff could have already been reached if only lawmakers took a page out of wall street's deal making strategy of keeping things behind closed doors. where have we heard that before? >>> plus, secretary tim geithner with us exclusively. will the white house let our economy go over the fiscal cliff if a deal on hig
detroit bankrupt city government, too. this sure isn't the free market, and i asked why should a texas taxpayer bail out detroit? >>> breaking news from syria, and it is a blockbuster. the assad regime is walking and loading its chemical weapons, ready to use them on its own people. nbc's chief pentagon correspondent joins us now. jim, is this the red line president obama was warning about? >> well, not quite yet. u.s. officials tell us that the syrian military is poised to use chemical weapons against their own people, and all it would take really is the final order from syrian president assad. but we have learned that as of today, all the precursored chemicals for that deadly nerve gas have in fact now been loaded on to aerial bombs, but those bombs are still in the depots. they haven't been loaded on to airplanes yet, and president assad hasn't given the order. but they're pretty close, larry, and that's why earlier this week, of course, president obama issued a very strong statement aimed at president assad saying look, if you use these weapons against your people, there will be se
in the twin city, dallas looking beautiful with 72 degrees. out west, looks like all of the moisture will be limited to parts of the made civic northwest. high mountain, cascades. snow could be over a foot 7,000 feet and up. ski country, fantastic. so that's certainly the good news in that part of the world. in term of your air travel, backups are possible in chicago. rain is the issue. low clouds, too, limiting visibility. but minneapolis, new york, miami, miami is misspelled. i'll stand in front of that. miami and seattle, you can see just minor delays there. let's send it back to you. >> good job, reynolds blocking maimi. >> if you could talk to someone about snow in the rocky, would you? >> are you going up? >> eventually. >> steamboat springs will see over a foot of snow between now and sunday. >> that's good start. but we didn't know anything about january or february? >> not yet. >> if you get a chance to hit those maps to move stuff over the rocky, if you could. >> we'll do what we can. >> in squawk sports new, are the broncos made their eighth straight victory look easy last
announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. you can stay in and like something... or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. the lexus december to remember slet'for an idea.s - a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like liberty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a man on the moon and a phone in your pocket. our country's gone through a lot over the centuries and a hal
not necessarily make for the best workforce. the city of north miami, florida, used to require that all its new police officers be non-smokers. but two years ago, the city quietly dropped the smoking ban. gwendolyn boyd is the city's chief of police. >> we realized that at best we may save 5% on our insurance premium. but now we're having a problem with trying to recruit and hire highly-qualified candidates, and we're competing against agencies that do not have that policy. >> did dropping the policy dramatically change that? were you able to find qualified people? >> i would have to say unequivocally yes. >> officer juan mayato believes that the city ultimately learned that those smokers more often than not made pretty good cops. >> i mean, what does smoking have to do with the way you perform your job out here? there's a lot of people that smoke that are well qualified for this job, and it doesn't affect them. and, you know, they couldn't hire them. >> that was the problem cnn faced. and after 13 years of a ban on hiring smokers, it rescinded the policy. even so, lewis maltby says it's gonna
an apartment, it was not that valuable. >> it's not practical for a new york city dweller, for instance. >> when you get houses, you see the mexican properties? i'm saying they're going up there. >> oh, really? >> yeah. if anybody wants one. >> available for weekend rental. >> semiautomatic weapon included. >> somebody stole it from me, he thought i was going to stop there, and let hem get away with it, and that's not really my style. >> would you kidnap jim cramer, david? i'm not sure. >> no. >> it would end there. >> it never ends. >> if the guy had done nothing, i would have said fib. but i found him -- no one has seen "taken 2." >> how could you not? what a great franchise. >> i know. >> she's been taken. >> really bad luck. >> when we come back, apple tv, microsoft surface tablets, we'll bring you the latest development regarding both of those. more from the deal book conference in manhattan, including an exclusive with lloyd feinstein. 11:00 a.m. eastern time. hanging on to gains. at the nyse, when we return. can i help you? i heard you guys can ship ground for less than the ups s
's real the governors, mayors and city states who are going to say, hey, this is going to increase our cost of borrowing. we're barely coming out of recession. you can't do this to us. >> is there a municipality right now that you know is planning on an issue later in 2013 saying this is going to screw us up in a real way? >> i don't know of any specifically, but they're basically all saying it. new york city comes to market multiple times a year. >> all the old bonds will be type. is that right? >> i'm going to make the stand and say that they will. but in the last -- >> then they become more dear, won't it seems to me. >> yeah. but what had happened is that last week and the week before, all of a sudden there was this thought because it had been thrown about that it wouldn't be retroactive. on top of that -- >> why wouldn't that cause him to go up? >> because that means that the tax, the cap on deductions would be retroactive to all bonds. >> it wouldn't be retroactive. >> no. what happened two weeks ago was that had been on the table. >> that it would be retroactive? exactly. >> how
actually got a toaster oven when i opened an account with citi in 1978. never did a stitch of business with them. still have the toaster oven. >> you bought trousers and went to -- >> in my dad's oldsmobile. >> which states are likely to feel the most pain if america falls off the cliff? up next, cramer's six stocks in 60 seconds. back in a moment. americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer.forbusi. [ yawning sound ] >> let's check in with simon hobbs to s
unless the banks are onboard. city national is a business bank also they cater to the wealthy. mostly in southern california and nevada new york city. this is a well run bank. let's check in with russell goldsmith and find out where this might be headed. i don't know anyone in this world who has the pulse of wealthy people the way you do. i need to know whether they are quaking about the increase of possible capitol gains. >> great to be with you. appreciate the support. i think we have been seeing for well over six months. it falls into two groups. people are sitting on their hands. deals are getting called off. i'm not going to borrow until i know where they are going to drive the dconnieconomy. there is always a slice of people who see opportunity with that. i would say a small minority have done. but most people are sitting on the sls waiting to know what is my health care cost and depression schedule. >> you have these big banks moving into wealth management. pushing products that maybe you are shorting on the right side. we try to traailor it. we have a full array to meet the ne
the stock went out today. on november 25th, citi group rolled out its apple coverage with a buy. $571, the stock will give you a 20% return. that is what they said. apple had a 28% correction, come all the way down from down there. it was still below the other price targets. in the end they said it was at a near term trough and seemed like a very good trade to them. the supply constraints may not be an issue after all. more than just a trade. citi downgraded the stock, which caused the stock to trade briefly below $500 before the market opened. as articulated in our recent initiation, it was trading oriented. a near term rally. reflecting the expectations for a near term rally. however, near term supply chain bring into question the strength of the iphone 5. as such, we see the likelihood of a near term rally as diminished and downgrade the shares to neutral. they don't like it december 16th at $509 the reason? too many iphones. hard to make this stuff up. the stock closed today at $534. what really happened here? i think the citi research team chose to be traders not analysts. stick
mistakes including the massive citi center project in vegas that drove the company to the brink of chapter 11. this is a turn that's been years in making but now businesses are starting to come back. you haven't missed anything so this is the moment. let me explain. not long ago it was a real sick customer. took on a ton the debt when las vegas was fabulous place to do business. when the vegas market got annihilate during the great recession, mgm was crushed. think of it like this. i'm looking for analogies all the time. mgm was on its deathbed. company was on life support. the revenues tumbled from 2007 through 2009. patient was slipping. then mgm got a pacemaker in the form of a new ceo when a one-time wall street gaming analyst took over in december of 2008 right at the height of the recession. vegas business stabilized in 2009 and 2010. the president said he didn't like trips there or something. the doctors are making improvements with mgm with rebound in chinese economy, mgm's business is getting a much needed hip replacement. on top of that management is doing the equivalent of spina
the ceo of tomorrow's ipo solar city, then back here at 5:00 >>> i'm jim cramer and welcome to my world. >> you need to get in the game. >> he's nuts! they're nuts! they know nothing! >> i always like to say there's a bull market somewhere. "mad money." you can't afford to miss it. i'm cramer. welcome to "mad money." my job is not just to entertain but i'm trying to teachary and coach you. call me at 1-800-743-cnbc. you can blame the democrats for their inability to offer any cuts for spending. you can blame the republicans for not even wanting to consider tax increases. but don't you dear blame ben bernanke for not being willing to take bold action to get this economy hiring and moving again! even if his statements about economic weakness ultimately caused the averages to stumble from some pretty lofty levels. dow only declining ability 3 points s & p inching up 4.4%. close in positive territory. nasdaq giving up 2.8%. >> when you look at what ben bernanke did ntoday -- the republicans themselves refuse to get specific on spending until they see something from the white house. the elec
chickens in the two, three, four tier cities. they're equal to chicago, right? >> yeah. 200 cities in china the size of chicago, in terms of population. >> and those are small. >> can you imagine the lines at starbucks there? a cappuccino machine goes down, it could shut down the whole city. >> my daughter was asking, how did there come to be so many people in china? >> 200 years ago, i guess, that's a long time -- >> the nation building? >> i didn't have an answer. >> discovery will do us -- >> fill me in. i need to brush up on my -- >> but david faber isn't ignorant. his hair looks better. china, here's the story. >> hair looks better. then china better. relative issue. >> it's a relative issue. thank you. very nice. >>> let's check with mary thompson, on the floor in for bob pisani today. >> weakness across the board. weakness in the nasdaq, down about 20 points. the dow lost in early trade. a little more modest in the s&p, down 4.25%. traders saying the fiscal cliff headlines will continue to dictate trading. and here there was a little reaction in the futures market ahead of today's op
to a positive stance on the group ahead of what she says will be catalysts. she's upgrading citi, bank of america, and discover. those stocks did well today. she upgraded the group today and says the banks right now are more than capitalized. the catalysts for the stocks will be march in 2013 when the fed will release the latest results which will -- she expects, approve the bank's plans to return more capital to shareholders and dividend hikes. after which she's expecting bank of america could quadruple its dividend. and will allow some banks to be more execution dependent than market dependent. a bias we always prefer. so she's upgrading these stocks. she's looking for huge returns in some of these. citi and bank of america and discover are the three names she's upgrading today. also taking a positive stance overall on the financial services sector. meredith whitney will be my guest tomorrow. talking about this call where she upgraded the banks today. she is telling clients this right now. my next guest is one of the most well known analysts due to his early warnings on the 2008 fina
's funny. i wasn't being funny, bob. i know. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. [ticking] >> the sheer scale of bernie madoff's ponzi scheme shocked the world. thousands of individuals, charities, and funds, that on paper were worth a total of $65 billion, were wiped out. what's more, some of his closest friends and family who had trusted him with their life savings faced ruin. >> 30 seconds, dave. [horn honks] >> with madoff under house arrest, the world staked out his penthouse on 64th street, obsessed by what might be happening behind the drawn shades. >> there were lawyers coming for meetings at the apartment. we watched a lot of television, and i cooked. >> was
to fuel america for generations to come. our commitment has never been stronger. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! [ticking] >> when steve jobs returned to apple in 1997, the company had just 5% of the computer market and was almost broke. when jobs died of cancer 14 years later, apple was the second most valuable corporation in the world. in his best-selling biography of jobs, walter isaacson writes that he revolutionized or reimagi
within the block and not the city of london. and white house and congress may need to call the auto club to jump-start budget talks which has stalled on discussions over taxes. plus singapore airlines confirms it is in talks to sell its 49% stake in virgin atlantic. reports suggest delta amongst the front runners. equities up in the month of november. ahead of the u.s. open, up by a quarter percent for the ftse. quarter for the ibex, as well. by and large the pmi numbers have been slightly better than expected. the revision on the eurozone pmi aunt wasn't on the headline composite number, but new orders were a little bit better. still a long way away from the 6% mark. gilt yields steady. manufacturing pmi better than expected. euro-dollar hit a six week high. dollar kren moyen moving away f 7 1/2 peak. talking about the uk, george osbourne says there's no turning back on austerity just days ahead of his annual statement. he continues to resist opposition calls warning that lack of budget discipline would have serious consequences for the british economy. >> going back on our commitment t
a government motorcade was driving through. this happens all the time in chinese cities and it's not just for the very top officials. this last one, newspapers in china often have the faces of leaders on the front, no matter how mundane the story. the latest reforms want more real content. all of these reforms, they have a common objective. she wants the government to regain the public's trust. back to you. >> the new leadership also set some key economic priorities, which had a big impact throughout asia today. sixuan has the details. hi, sixuan. >> hi, thanks, ross. some call it a shanghai surprise. mainland markets staged a strong rebound. this called for economic stability by boosting domestic demand, keeping property curbs. the shanghai composite jumped nearly 3%. the ipo pipeline may be on hold. financials, commodities and infrastructure are among the top gainers today as investors take advantage of cheap valuations. the hang seng followed suit and declined to a 16-month high. insurance surged 5% after hsbc explored a stake group. the nikkei closed at a seven-month high. shares gain
. >>> and find out how city index has taken a group of individuals with no financial market experience and turned them into successful traders. we'll hear from the winner of this year's competition who is a trainee taxi driver. we'll hear from foreign central european bank chief jean-claude trichet. he spoke with stefan pedrazzi about whether he believes there are any reasons to be optimistic about greece. >>> and whether volatility triggered by uncertainty over the fiscal cliff should be hear to stay. the fiscal cliff seems to be here to stay, at least. house speaker john boehner has scrapped the deal on plan b. boehner conceded last night he didn't have enough support from republicans to pass the bill which would raise taxes on households making more than $1 is million a year. the house is now in recess until the end of the year. the white house says the president's main priority now is to ensure taxes goes go up for 98% of americans and 97% of small businesses. for more on the tax, we're joined. talk about the cliff. you wake up to the news this morning. what do you make of it? what do you do
just under $2 a share. contending with downgrade from citi, a number of price target reductions this morning. and then defended on the other side by the likes of morgan stanley, as well as barclays. interesting stock move here. battleground. truly a battleground right now. >> at my old hedge fund, we used to talk about the battle of the psalm, where 60 british soldiers were killed that morning. you just don't know what's going to happen. i don't like the maxims. weight until 2013. >> meantime, the dow is up close to two-month highs here. despite the skepticism we went into december with, regarding policy. the market was the big point among some of the papers. >> i went through the charts this weekend, spending about five hours going through the hand charts. and it was just -- there were so many positive ones. i like the hard copy. >> since 1988. >> why not. it was a good deal. >> i had a lot of hair then. i was -- i was having a good time. >> when we come back, jim cramer's thoughts, six stocks in 60 seconds. i love this show. 18th, five days later, i had a massive heart attack.
on citi, bank of america and discover financial. is that move by one of the more famous financial bears, a sign of a new era for banks? >> walmart is once again the target of a "new york times" investigation. but does the paper add anything new and can the stock outperform just as it did last time. >> private equity firm server said it will sell the firearms conglomerate. is private equity talking about guns in the country. >> futures moving higher on optimism. the white house republicans rising above partisanship, getting closer to striking a deal on the fiscal cliff. we have the latest on not just the breakdown of this offer, but by the response of some key senators this morning. good morning. >> yeah, that's right, carl. we saw the offer come in late last night and now we're seeing reaction early this morning. let me walk you through first of all of what the president laid down on the table yesterday, starting with taxes. the president is proposing now $1.2 trillion in new revenue increases, tax increases on individual income. that's lower than his initial offer after the election of
's 1994 levels. >> that's a big part of morgan stanley's call on citi today. from overweight to equal weight. consumer deleveraging in their view coming to an end. and the more clarity on regulations. we are exiting this really weird period of uncertainty. rules come into focus. and if these consumer balance sheet numbers are right. next year could look different, jim. >> yes. there are a lot of assets -- look, a lot of bad loans that are becoming good loans. citi was always relatively opaque. i tried many, many times to penetrate citi holdings, which is the legacy of the core running it now. it may be good. i mean, pandit always promised me the money in holdings was money good. if you go to the book value of companies like morgan stanley, 9% of book -- i mean, in other words, what i'm saying is, xlf, look out. 14 to 16 from june to now. but it could go back to a much higher level. >> you wonder about the nominations to treasury, good time to get out of the business. righting the ship, moving on to something else? >> elizabeth arden, now senator-elect on the banking committee, has alw
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